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PM Khan reveals 10 point agenda for economic recovery amidst pandemic

PM Khan reveals 10 point agenda for economic recovery amidst pandemic

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What Happened :

Addressing the UN General Assembly through a virtual session, Prime Minister Imran Khan delivered, on Friday , a 10 point agenda on how to prevent economic decline in developing countries. Attended by 141 speakers globally , this session focused on how to achieve a consolidated solution to continue economic growth during the deadly coronavirus pandemic. Terming it as the “most serious global crisis since WWII” , Prime Minister Imran Khan presented a detailed version of his agenda with regard to debt suspension and drawing rights of $500 billion topping the list .

10 point economic agenda :

  • Debt suspension for economically stressed countries until pandemic is over.
  • Special drawing rights of $500 billion to be provided to economically stressed countries.
  • Immediate return of stolen assets by corrupt politicians and criminals.
  • Mobilisation of $100 billion per year for climate action in developing countries.
  • Mobilisation of the required $1.5 trillion annual investment in sustainable infrastructure.
  • Creation of a new ‘liquidity and sustainability facility’ to provide short term loans at affordable costs , for economically stressed countries.
  • Expand concessional financing to lower income countries via multilateral development banks.
  • Restructuring of public sector debt of other developing countries under an agreed upon inclusive multilateral framework.
  • Cancellation of debt for developed countries.
  • Fulfilment of the 0.7% official development assistance commitments.

The background :

Prime Minister Imran Khan also talked about how smart lockdowns proved successful in curbing the virus , also stating that strict measures were once again being taken place amidst a second , more lethal wave of coronavirus. He also underscored the need for continuous economic growth simultaneously while dealing with a massive influx of patients daily , admitting that Paistan like many other developing countries is bound under the IMF’s programme to reduce budget deficit .

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